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Acquisitions, Dispositions and Assets Held for Sale

12 Months Ended

Dec. 31, 2024

Acquisitions, Dispositions and Assets Held for Sale

Acquisitions, Dispositions and Assets Held for Sale

3. Acquisitions, Dispositions and Assets Held for Sale

Acquisitions

During 2023, we paid the deferred purchase price of $19.6 million related to the 2020 acquisition of a development parcel, formerly the Americana hotel.

In October 2022, we acquired the remaining 50.0% ownership interest in 8001 Woodmont, a 322-unit multifamily asset in Bethesda, Maryland previously owned by an unconsolidated real estate venture, for a purchase price of $115.0 million, including the assumption of the $51.9 million mortgage loan at our share. The asset was encumbered by a $103.8 million mortgage loan and was consolidated as of the date of acquisition. We recorded our investment in the asset at the carryover basis for our previously held equity investment plus the incremental cash consideration paid to acquire our partner's interest.

In August 2022, we acquired the remaining 36.0% ownership interest in Atlantic Plumbing, a 310-unit multifamily asset in Washington, D.C. previously owned by an unconsolidated real estate venture, which was encumbered by a $100.0 million mortgage loan, for a purchase price of $19.7 million and our partner’s share of the working capital. The mortgage loan was repaid in August 2022. Atlantic Plumbing was consolidated as of the date of acquisition. We recorded our investment in the asset at the carryover basis for our previously held equity investment plus the incremental cash consideration paid to acquire our partner's interest.

Dispositions

The following is a summary of disposition activity:


												Gain (Loss)
						Gross			Cash			on the Sale
						Sales			Proceeds			of Real
Date Disposed		Assets		Segment		Price			from Sale			Estate

						(In thousands)
Year Ended December 31, 2024
January 22, 2024		North End Retail		Multifamily		$	14,250		$	12,410		$	(1,200)
September 17, 2024		Fort Totten Square		Multifamily			86,800			84,600			(5,352)
December 19, 2024		2101 L Street ⁽¹⁾		Commercial			110,101			105,014			—
		Other ⁽²⁾											3,799
												$	(2,753)
Year Ended December 31, 2023
March 17, 2023		Development Parcel		Other		$	5,500		$	4,954		$	(53)
March 23, 2023		4747 Bethesda Avenue ⁽³⁾		Commercial									40,053
September 20, 2023		Falkland Chase-South & West and Falkland Chase-North		Multifamily			95,000			93,094			1,208
October 4, 2023		5 M Street Southwest		Other			29,500			28,585			430
November 30, 2023		Crystal City Marriott		Commercial			80,000			79,563			37,051
December 5, 2023		Capitol Point-North-75 New York Avenue		Other			11,516			11,285			(23)
		Other ⁽⁴⁾											669
												$	79,335
Year Ended December 31, 2022
March 28, 2022		Development Parcel		Other		$	3,250		$	3,149		$	(136)
April 1, 2022		Universal Buildings ⁽⁵⁾		Commercial			228,000			194,737			41,245
April 13, 2022		7200 Wisconsin Avenue, 1730 M Street, RTC-West and Courthouse Plaza 1 and 2 ⁽⁶⁾		Commercial/ Other			580,000			527,694			(4,047)
May 25, 2022		Pen Place		Other			198,000			197,528			121,502
December 23, 2022		Land Option		Other			6,150			5,800			3,330
												$	161,894

(1)

In connection with the sale of 2101 L Street, the lender of the related $120.9 million mortgage loan accepted the proceeds from the sale and $6.7 million of cash as repayment of the mortgage loan, resulting in a $9.2 million gain on the extinguishment of debt, which was included in "Gain (loss) on the extinguishment of debt" in our consolidated statement of operations for the year ended December 31, 2024.

(2)	Primarily related to the reversal of certain previously recorded contingent liabilities which were relieved in connection with the sale of Central Place Tower by one of our unconsolidated real estate ventures. See Note 5 for additional information.

(3)	We sold an 80.0% interest in the asset for a gross sales price of $196.0 million, representing a gross valuation of $245.0 million. See Note 5 for additional information.

(4)	Related to prior period dispositions.

(5)	Cash proceeds from sale excludes a lease termination fee of $24.3 million received during the first quarter of 2022.

(6)	Assets were sold to an unconsolidated real estate venture. See Note 5 for additional information. "RTC-West" refers to RTC-West, RTC-West Trophy Office and RTC-West Land. In April 2022, $164.8 million of mortgage loans related to 1730 M Street and RTC-West were repaid.

Assets Held for Sale

The following is a summary of assets held for sale as of December 31, 2024. There were no assets held for sale as of December 31, 2023.

Liabilities Related

Number of

Assets Held

to Assets Held

Assets

Segment

Location

Units

for Sale

for Sale

(In thousands)

8001 Woodmont

Multifamily

Bethesda, Maryland

322

$

190,465

$

901